EARNINGS PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of basic and diluted earnings per share

The following presents the calculation of basic and diluted earnings per common share during the periods presented (dollars in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Earnings per common share - Basic
Numerator:
Net income available for common shareholders	$	1,506	$	4,482	$	5,326	$	10,006

Denominator:
Basic weighted average shares	9,532,397		9,450,987		9,518,135		9,434,742
Earnings per common share - basic	$	0.16	$	0.47	$	0.56	$	1.06

Earnings per common share - Diluted
Numerator:
Net income available for common shareholders	$	1,506	$	4,482	$	5,326	$	10,006

Denominator:
Basic weighted average shares	9,532,397		9,450,987		9,518,135		9,434,742
Diluted effect of common stock equivalents:
Stock options	—		52,870		8,012		55,005
Time Vesting Units	70,151		122,090		97,689		155,813
Financial Performance Units	83,853		91,720		85,782		92,524
Market Performance Units	—		—		—		6,827
Total diluted effect of common stock equivalents	154,004		266,680		191,483		310,169
Diluted weighted average shares	9,686,401		9,717,667		9,709,618		9,744,911
Earnings per common share - diluted	$	0.16	$	0.46	$	0.55	$	1.03

Schedule of potentially dilutive securities

The following presents potentially dilutive securities excluded from the diluted earnings per share calculation during the periods presented.


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Stock options	170,225	—	63,299	—
Time Vesting Units	213,322	121,942	53,331	60,971
Financial Performance Units	9,090	—	2,273	—

Total potentially dilutive securities	392,637	121,942	118,903	60,971